<SEC-DOCUMENT>0000950123-11-092403.txt : 20111216
<SEC-HEADER>0000950123-11-092403.hdr.sgml : 20111216
<ACCEPTANCE-DATETIME>20111027142236
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-092403
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20111027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASIA PACIFIC WIRE & CABLE CORP LTD
		CENTRAL INDEX KEY:			0001026980
		STANDARD INDUSTRIAL CLASSIFICATION:	DRAWING AND INSULATING NONFERROUS WIRE [3357]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ROOM B 7/FL., NO. 132, SEC. 3
		STREET 2:		MIN-SHENG EAST ROAD
		CITY:			TAIPEI, 105
		STATE:			F5
		ZIP:			105
		BUSINESS PHONE:		886-2-2712-2558

	MAIL ADDRESS:	
		STREET 1:		ROOM B 7/FL., NO. 132, SEC. 3
		STREET 2:		MIN-SHENG EAST ROAD
		CITY:			TAIPEI, 105
		STATE:			F5
		ZIP:			105
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">October&nbsp;26, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chief Accountant&#146;s Office<BR>
Division of Corporation Finance<BR>
U.S. Securities and Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549<BR>
Attention: &nbsp;&nbsp;Mr.&nbsp;Terence O&#146;Brien, Chief<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mr.&nbsp;Alfred Pavot

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Asia Pacific Wire &#038; Cable Corporation<BR>
<u>Limited (the &#147;Company&#148;) File No.&nbsp;333-153796</u></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We write on behalf of the Company in connection with its response letter dated as of today&#146;s date
(the &#147;Response Letter&#148;) and submitted herewith in response to the letter of the Commission dated
October&nbsp;20, 2011 providing certain comments on the Company&#146;s annual report on Form 20-F for the
fiscal year ended December&nbsp;31, 2010 (the &#147;2010 Form 20-F&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We wish to confirm the Company&#146;s understanding that the draft disclosure language provided in
paragraph 4 of the Response Letter is for illustrative purposes, in response to the Staff&#146;s request
for sample disclosure, in connection with future filings to be made by the Company. The Company
wishes to confirm that in its future filings it shall provide disclosure, when relevant, that
addresses the methodology employed to calculate DSO, and whether the amounts used, in this case
with respect to accounts receivable, are based upon net or gross amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We wish to clarify also that references in the Response Letter to page F-4 or any other
F-denominated pages refer to the financial statement pages set forth in the audit report of the
Company that forms part of the 2010 Form 20-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please do not hesitate to contact the undersigned if you have any questions with regard to the
foregoing or the Response Letter. Thank you for your attention to this matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michael J. Hagan
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">cc: Mr.&nbsp;Frank Tseng, Chief Financial Officer
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top" nowrap>Michael.Hagan@ThompsonHine.com Fax: 212.344.6101 Phone: 212.908.3916
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">MH:cl 210611.1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="middle"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="y05138c1y0513810.gif" alt="(GRAPHIC)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="FONT-variant: SMALL-CAPS"><B>Asia Pacific Wire &#038; Cable Corp Ltd</B></FONT> <BR>
<IMG src="y05138c1y0513811.gif" alt="(GRAPHIC)"><BR>
Quoted on the New York OTC Bulletin Board<BR>
<B>7/FI. B, No.&nbsp;132, Sec. 3, Min-Sheng East Road, Taipei, 105,
Taiwan</B><BR>
<IMG src="y05138c1y0513812.gif" alt="(GRAPHIC)"><BR>
<B>Tel: 886(2) 2712 2558 Fax: 886(2) 2712 3557</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October&nbsp;26, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><u>By
Email: <I>(PavotA@SEC.GOV), and U.S. Mail</I></u><BR>
<u>By Edgar</u>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terence O&#146;Brien<BR>
Accounting Branch Chief<BR>
Division of Corporation Finance<BR>
U.S. Securities and Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Asia Pacific Wire &#038; Cable Corporation Limited (the
&#147;Company&#148;) File No.&nbsp;333-153796</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;O&#146;Brien:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This letter is in reply to your letter of October&nbsp;20, 2011, which commented on the Form 20-F
filed by the Company for the fiscal year ended December&nbsp;31, 2010. Please find our responses below.
Our paragraph numbering corresponds to the paragraph numbers in your October&nbsp;20, 2011 letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. Duly noted and the Company wishes to confirm that it shall comply with this comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. Duly noted and the Company wishes to confirm that it shall apply with this comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. In calculating the DSO data on page 55, we used gross
accounts receivable as the basis for
our results, while on page 48 we used net accounts receivable, by which we mean net of
estimated allowance for doubtful accounts. While gross accounts receivable increased by 37% in
2010, net accounts receivable only increased by 21%. As the annual and 4th quarter sales increased
by 30% and 6%, respectively, the DSO based on net accounts receivable accordingly decreased. In
future, we will conform our methodologies to avoid confusion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. We will expand disclosure in future filings to address whether an increase in accounts
receivable, if one then exists, has been impacted by an increase in the aging of our receivables
portfolio and/or changes in our revenue recognition policies. We would propose the following draft
disclosure pertaining to our 2010 financial statements: &#147;The gross accounts receivable at the end
of fiscal year 2010 increased by 37% when compared with 2009. However, the DSO, when calculated
using net accounts receivable, increased by only 21%. In addition, our DSO is calculated using
average accounts receivable across the reporting period. That is, we
take the A/R amount at the
beginning of the year and the A/R amount at the end of the year and divide the sum of those two
amounts by 2. We believe that this approach makes most sense. As annual

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terence O&#146;Brien<BR>
Division of Corporation Finance<BR>
U.S. Securities and Exchange Commission<BR>
October&nbsp;26, 2011<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and fourth quarter sales increased by 30% and 6%. respectively, the DSO in 2010 actually
decreased from 2009 and the increase in accounts receivables is attributable to increased sales.
The aging of our accounts receivable portfolio remained comparable
with that of 2009 and there
were no changes with regard to revenue recognition policies.&#148; For your reference, we attach a
spreadsheet which we believe may be helpful in conveying the Company&#146;s determinations on this
point.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. Duly noted and the Company wishes to confirm that it shall comply with this comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. As the Staff is aware, the Company&#146;s reporting currency is U.S. dollars. Each of the
Company&#146;s operating subsidiaries generates revenues in the local currency of the jurisdiction
in which it operates and similarly incurs most of its expenditures in that local currency, and the
functional currency of each such subsidiary is its local currency. For consolidation purposes, the
Company translates the balance sheets of the subsidiaries using the prevailing exchange rates as
of balance sheet date as specified in ASC 830. Differences arising from the process of translating
each operating subsidiary&#146;s balance sheet into U.S. dollars are included in a separate component
of equity. An exchange realignment arises as a result of the movement of the exchange rate for the
functional currency compared with U.S. dollars of each subsidiary and the carrying amount of
property, plant and equipment in the consolidated balance sheet
reported in U.S. dollars
incorporates such exchange realignment. In 2010, the Company recorded depreciation expense
amounting to $6,857, a net increase in accumulated depreciation based on exchange realignment
of $15,772 and disposal of property, plant and equipment with accumulated depreciation amounting to
$1,188 up to the date of disposal of each item. Accordingly, the increase in accumulated
depreciation during 2010 was $21,441, as reported on page F-4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchases of property, plant and equipment amounted to $3,653 in 2010. The Company had a net
increase of $19,281 due to exchange realignment and disposed of property, plant and equipment
initially acquired for $1,232. In total, gross property, plant and equipment increased by
$21,702, as reported on page F-4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With regard to our future filings, we note that material non-cash investments and
financing activities are required disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On behalf of the Company, I acknowledge that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>should the Commission or the Staff, acting pursuant to delegated authority, declare a filing
effective, it does not foreclose the Commission from taking any action with respect to the
filing;</TD>
</TR>






</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Terence O&#146;Brien<BR>
Division of Corporation Finance<BR>
U.S. Securities and Exchange Commission<BR>
 October&nbsp;26, 2011<BR>
Page 3

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the action of the Commission or the Staff, acting pursuant to delegated authority, in
declaring a filing effective, does not relieve the Company from its full responsibility for
the adequacy and accuracy of the disclosure in such filing; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company may not assert Staff comments and the declaration of effectiveness as a defense
in any proceeding initiated by the Commission or any person under the federal securities laws
of the United States.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you for your attention to this matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please do not hesitate to contact us if you have any further questions with regard to this matter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sincerely yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt"><IMG src="y05138c1y0513813.gif" alt="(-s-)"><BR>
Frank Tseng<BR>
Chief Financial Officer<BR>
Asia Pacific Wire &#038; Cable Corporation Limited

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Alfred Pavot, Division of Corporate Finance, U.S. Securities and
Exchange Commission <BR>Michael J. Hagan, Esq.</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Annex
A DSO Data</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1: Page 55 differs from page 48</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2: To provide the calculation
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">DSO</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Page 48</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" align="left">used Net AR to calculate</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Page 55</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" align="left">used Gross AR to calculate</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Calculation:</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Days sales outstanding is calculated as:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Average net accounts receivable
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">x
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>365&nbsp;days</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Total credit sales (total sales)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&#043;/-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&#043;/-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">%</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,797</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for doubtful accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,886</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,694</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,694</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,644</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&#043;/-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&#043;/-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">%</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">469,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(138,567</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-28</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average net accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average gross accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(opening &#043; closing)/2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DSO (based on net AR &#151; page 48)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DSO (based on gross AR &#151; page 55)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Days Sales Outstanding &#151; DSO</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Days sales outstanding is calculated as:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="y05138c1y0513814.gif" alt="(IMAGE)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>y05138c1y0513810.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y05138c1y0513810.gif
M1TE&.#EA7@`[`.8``-73T?;U]9&-BT5#1#HX.,&_OJJGI+&NK<+!P%A552TJ
M*0T*"R4A(:2BH;:TLJRJJE).3H.!?X:"?S4R,GUY=TQ)2GAU=%1146UK:\C&
MQVEF96%=6V9C8[^]O.SKZ>/BXQ83$^[M[(J'AN#?WMG7UAP9&8J(B,S*R:*?
MGMS:V;BVM9V;FA@6%MK9V3X[.SDU-=_>W>GHY[VZN6MH9^SLZWMX>-'/SEM9
M6-[<V[JXMTI&1NCGY75S<R`='<[,RH."@I^=G)>4D]73T\S)QV]M;).0C]+1
MT*JHI^_N[>7EY,O)R4],3#(N+K.PKZ^LJ8)_?W)P<!`.#HN(AF-?7B<D)"LH
M*",@(.?EX_/R\?'P[_O[^_KZ^?'P\>'@W_GX^/W]_>KIZ*NIJ?+Q\//S\G=U
M=.3BX?3T\YJ7EQL7%]?4T<_+R,?%PX>$@T-`0'=T<Q(/$+Z\N<W+R^_O[TI(
M29",BHV+BTE'2#TY-\;#PT`\.UQ75G5Q;RDG*)".C@<%!O___R'Y!```````
M+`````!>`#L```?_@'^"@X2%AH>(B8J+C(V.CY"/,5>4:R:4E`&1FYR=A5A7
M!R91?J6FIDMG69ZLK8E@-U2E3*4+IZ8+43UV8*Z^GBDB$`IM)7X]IB"G)6A^
M:,A^"A^_U(X^)B^VI6A,`S-/&>$913-W5K=^3`#5[(=9.2RE/5%+/P\`'HA=
M``G:IA!>V@D<L><%-`44.D!R\,)4LW4"J=$HHLS/&R9Q.H588@N#'P01?Q5Y
M4^M,F598;J#J%=)3$QT+W@PX0N)7BF9^H`1LN8F+"&,)&H2H]L5$*0UF>$:B
MP,`/"PX1`6R#J+01A5(7NH3T0L`9U:J)8%0IY413RP%^+N0#F^@("#XB_X8J
M1?N#;2(Z;UZT8$O7KJ$0-:P4N6(7+1"_A,2\`.EW![*OOMCX:Y!H!80$Z$Q-
MJ$"94!`K%4*S&11`SZD;A&H<JP"!!!`_>CXYJ:`@LQ46"109(6D*PZ$`=!J<
M^)'Y%(LI:__D.(5F4`9_T9`(2C&VE((69_QD(`3$='%3&Q1IN%7E1*$04I0(
M(GYJ@7OH2PCY:RZH`'00/@09.(7A"QDJ7`BRA0C0^>&>@;5\E$@2.)TR0"$%
MP#$(>Z90-<4I8@QBU#83HE.!?J<@@(."?VPA!3IMG%"``4[,0$0.,^R%2!.9
MH3%$(A26\I4_5`Q2!"Y'"`*%AX+,<$H'-5PPR/]R[4FP"0P5^0&3*1\BDJ,?
M7S5ERB!7G%(7`+P9ET\%IC"0PP0C"((%!*=$(<,F6D203`<KF/)&$XB\9F<9
M6'SAQ1K0E#+(#J=4\<>5ICB11I@*\.#`("?$8\J#F]C0X!1_C$!**2\@@D![
M/"10`P:!^H&I@&TX]`</Q<V@QBD6D##&('W<8L$F*3D$D2RFQ'#(`]^=XD(A
MXY4"PABU9?;"JZ8PUN$I!FQBA)9^8&"6D::X<<@!P9920AJ%I+"I'V<4>`IF
MIJA'R)711K($<PK$&Z6.A@#+7Q1D+)$`&6'X:@A:WG:+BR%7W@I)![P*7(,A
M*MP"``E:A)"%%HD`+/#_*0L7\L"X?KQ@5B-9G'.Q'U:81\@)#CNBVLBUF$Q(
M"@F7(L4C!9A"Q0!65#'```N``,($(J=52`,I-[(?RP8B<L0M;PB!B!ERD$9+
M*76!(1<)(\!@!@JG/*IAT8Q@$;,I!U1W2Y6&!("M*5%L($`^'CA@@P0@1#!(
M'::T@44B`?BCP+I@,Y+L*1QHD<4$Z.2&R!9%<%S+@=K\_0<`#.P\0!^+3*'S
M``IX?6C@BZ1ZR@1&"(G.$XO$T,`$I:(C^1\%'%*&0H9`!(`-@W00VNY:.9)!
M`KM7$,8@1@0?FB-)%!"$\<%KL,@9-R(FO2$*0#8]8GTD(-?UT^M0%_?7*_`]
M[_B(9>#'^&!ML3?XYJ.O%!YZY$!^K>Z'%,`3"01(/@?G*Z4%"A"(0)K(]X>^
MM,0'H8(!`0>!E@DH4"!9T$`4*+!`0H3!(IZC1@%TT(,\/+""@C"?'[3WBS+(
MP`0@Z,$/]`="07P`)SQP118.X((W@.`'-6EA(?CG#`=\+!)CH$!#HJ"#Y.B0
M$#N8FA^H8+U$<`$!*U!`4U@P@,,<$1$IR`/;T$"$^@VB`3^H0I308(+>73$1
M.-`!.M[#Q@/A0@$W*,`7SL@()!1A#BRC@@;.<(7UT=$13A#``%HGCR48P`!-
1_.,CQ(")1JY"D9!D2R```#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>y05138c1y0513811.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y05138c1y0513811.gif
M1TE&.#EA^@`1`.8``*:DHTQ)2H2"@N[M[,C&Q^'AX65B8L'`P*JFI5114?+Q
M\=73T5).3"TI*/;V]9&.CIV:FCLY.45#1'1R<;6RL&YK:UE65"4A(<"]NZ"=
MG#8R,GY[>UU:6HB&A-_=W;BVM;"NK:RJJIB6E8%]?&)>77AU=!42$N7EY&AF
M9DE&1>CHYKV[NLO)R.KIZ.SKZMS:V<3"P7!M:Q@5%8J(B$`]/`P)"B@E)-+1
MT=[<VY:4E*ZMK-#.S-G7UC@U-;:TM+NYN3`M+,/`O\W+RJJHJ+2PK1T:&>WL
MZ]?5U-+0SXR(A\[-S'1P;X)_?MK9V.CGY2`='=;3TFMH9Y>4D^#?W_'P[WMX
M=U923[NXMIN8EJRIJ+:SLKZ[ND5!/XZ*B=K8UY:2D4Q)1[^\NY.1D5Q85\?%
MQ!`-#9.1CR,@'RLH)S,P+^?EX_GX^/O[^_KZ^?3T\_W]_>/BXBDG*/CX]_3S
M\L[,RH^.C>+@WQ,0$!L7%Z*@GSXZ.*^KJ69B8(V+BP<%!O___R'Y!```````
M+`````#Z`!$```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7@B`JE0-2#"N2
M(0$'DIU2FXM*&84`"2I2`YBRABX23">SN9-O:KUJ>3,;`1(>CA(]>9%!`2D1
M-1%:C1,&N'\2)EF/`F`2-&5%Q8LS-3<`,R@\'#7>1XXN1DTS2&R,?6%K`P%,
M;9!J?F5-&KV)U0O)#APS+(A0X,A!$A)((+GH!6R#A!FQ!E$!@J>,'SPUREB(
M4HT1`S\"'KG("*$&A04/9D`(=XA-A`C%'%S``",'3409Z32HL&!!CAQ0%$VX
M\">`"1D%N)P1XF8-HCEU%D"842"`C2=E:O!@%,`/F3\GGCSHY\="41TS_V;\
M)*0"R(,[?I;4`!+EB9\9CZAPD>'@48*/>!)[9'!H!IX_#<Z,?43`CX]'$^)(
M"-##CPD&/T[*<(%HQQD1&_I$P,.QAHRYA`8PD"`AQ9TRB5/\VY.H1A`)-LJ4
M";!`BQ4-$7`<4E&CA@`_!QZ<05(AV:(!>=DH!X&'Q:*B"U#0\(/&S[_$*1$%
ML"!%!A4)%GA(\+.`$90\</[PJ!'M$8P_3@CRW!"-/=9`2CM0EM<#'$CP@R(@
M^%%!!3%`@$<3=X`@@AD'6&4("W@T@X8!#>3Q@!`,:.!&(AQ<\$$".C2PQ`@D
MD&$%`[P=TD<*"9S1PQ@!5""##6><T<!DAJSG3_]T*03A!P%_M).(7G`,<4<"
M;IQA04:(I.$'`PRP=L"84PA24I(6C)&?!!>0T,V*BSC90X`Q`!$@(R#$),$3
M=?SQ')2".!#3#`'@T4(1>.AQ!A=E(L+##$PT<(%GB>&!@"(9/&%'%U9$@<<)
M'&3A(2)7I/`$&D$$4<,8460`Q`:)N-``"3APT<2!'W`0D"(!(/I#"C+<P0(0
M1330P*7JI<$$=!5$P4,9:6@`!*"&!&&#&7]T<,<J",B@00X+C$J7=P<T0`$!
M<5%`E@5<7"9!`C/8P$0C4=0`@IDFC`&;(5_P%445Q3A)+1OS&2!`'P[4,0,9
M7%B6R`(<5"#`20"`)Z[_(0,<,4`*3%#0`!P,D,#E(7)<D885=>R'@@`HW)%?
M(@#L``$:4V@PPP%HW*M("&F00$`",OA1!0@(?/#"Q80$8$`'T`60P1HA""!`
M'2\7H@80_+700Y\"GE'L%8G(,=X9:(!T!EDIB""#&]T((`$$("`=6P,&P/D'
M!U^^P(@';`@AP`U_+/`D(0A`5\@<-,0Q<B+S,5&8(TT00,`#8(*)!81^G-'L
M'R$D<$<)[-:7B`H$;!`"Y957?0C>#7#QQPSF!6#D(@'0(`5T5Z#.@.J%H!!`
M%7S$T('D,8#YQ2)M\''''5\00$4#-)"E01$UP"$!&G#,<0$:>B=2PA--;,!`
M_P=_(!&''W<PH`4_AB0!)K#D-2$XM7_X(\((55`!AJ1^2-"(`SVP0AJ"\`@4
M^`$"%;@#%@Q8`D5X`0A4R,`5C,4`$PC`!@DXDR&@X(=BU0`%!)B4Z!!!@B@<
MX0=4<$P#F""`!M#N#&"`#@960``4U*![AL""%/[``#X(`0!X\,.T+M"#18S!
M#Q384P-&T(#'T,X"*O!.-VS```[PCA!&L,`=`C2?&`@"#I*3'/L*08&V$,`#
M<>##'.9'.#\8(`5EF`(39`""!>S+$"%XT@2>0#]%"(X#PLF!`,J@@T2PH`,J
MH`$*V.,'`,B`"XNKR03`0((:=&<H<B-$$8A@@P/,H/\,53A`"Q7!G`,LZ0<<
M:($`JL`("41!$)\LTX$>9@$P@"(`)VC!%)JXKD%(P`!2P,,5"9&&"N1G`7%(
M@BJ':0@UQ*$/,"B!X?)(/S8LP`V.^<,#N.<('/2@#%OP``.><!9&N,`&";%!
M%'K`O2T`I0A+L,`-[-`!/3B@"$^PP0<>EX@9W`$"3^A!%$R`@!V`XA`HT(``
M)N"!%I#@#`PH0A'TH`A_L&!)?P"`'M*@P4.X4C^S_(,&"HF((V#D#QE8AQ[R
MP$M%M$$/%A#$``3J@@B8H`O,7``5_M`&"7#``6L0`!`RP,]$%$H##=!#`?PT
M.$/,P`0'J$`/0!""*$2ACX3_($``&I`"-'C`!WBX0`Z6NH@);!4(<?G!`"S0
M44'D80(**,`#@+"`,#PA"P%8513HD(@?U,`I%:@"`TX@`,`<0@LRF$-AWE`X
M!LC@`?^9PD$+088[>$`'AI,.$'1@MT.<0`.O%``-&!(&&XQ0$4RH02_6T-)$
M.,$/7OS#'H08!0JDX1DEZ&PA-F`"+(@@"A9`'P`8(88J]((T3`44`HQEK"!V
MT#S0]9\A%F"!"Q#E"'R(10S,@X>_,:(E>1@3">BS"``0A3HF",(`$,!>-82-
M")")P9@.8`.*(@(#@UC#"(``UOI0P0"&+00#2@""H/F`#PGX0!3\8(,->.<0
M!8["]@KT.86H:N".A9!`&?[@A@.<P8F)\$=,_U"X)Y2@!2]@+P(8<HC"^4$#
MFT'`>-/S""UH((B`<D`"$E`!7ZB!"CY6`W(+,0`U1+(-0=AQ`L+`".M!]W/T
M:(00[B`#OD(B`W@QS[88\8(4*:`--@A)#?YB""0TH#`@L(`#,M*&*"CYP8;8
M0!UZX)T7!%$$CMC`6M@PG@@LX@T;<.<?Y("`G3;$`FH8E0-*@$-'O`$+Z-N5
M+BS!!E^T(!(P^$&4'_&&%ECZ#8P8`@@,_0(QQ.4#<S"$`UA<B3>@X@\X`,`8
;_6,!DD[ZUG]PP0RDA.M>^_K7P`ZVL!D1"``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>y05138c1y0513812.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y05138c1y0513812.gif
M1TE&.#EAU0`,`.8``(."@LC&QUE55+6SLKZ\NY&.CO7U]%1140@&!SPY.7EV
M=5).3$5#0]73T2TI*&5B86MH9_/R\5U:6IF7EL3#PN?EX^[M[$E%1(%]?&%>
M7>#>W:">G6YK:JFFI:>DI3DU-(J(B,"^O-C7U3$M+20A(;"NK4`].W-P;WUZ
M><'`P'%M;(.`?TQ)2IV9F34R,<S*R2@E)(V+B^7EY')P<.CHYG1R<A42$I>4
MDZRJJ]_=W>KIZ*2AH8B%A-K9V.WKZD5!/]O8U1T:&M+0SM;5U>/BX>CFY:*@
MH,/!OVIG9LK)R;BVM6EC7TI(2"`='='0T)>6EAH6%G9T=(Z,C*^LJ^[LZTU)
M1Z>DHY*1DD],3*^MK922D#LW-LO)R+NYN`X,#%-03T]+2>/BX_3T\_O[^_'P
M[]?5T^'AX?GX^-S:V>3BX:RIJ?KZ^1(/$,[,RO3S\OW]_?CX]\;%Q=[<VRHG
M)W=T<^'?WXR(A$U+3$E'1Z:BGN+AX*NHIY.0CIV8E;:RK____R'Y!```````
M+`````#5``P```?_@'^"?V)U@X>(B80-8XJ.CY"1DI.491:4F)F:FYR')5!`
MCAH+:(IQ"`J)-05_&D2.98IE1`T-70L&B4PU@UD,-9=_/@S$1HHRM7")(1BY
MBEXWCF,M8ID6#3)GKX@&$ER#UPUD@A&U#=6(%F,$,XV#<.8-VX,:@DQRZ?&Q
MB!\C]8E1=CP0@(A`@0()1DA@(&'0"@A_4)`8\HS7(2$(?BQ8@$'+N$%A'B!8
M(0@(E'X$_X3PLN`'"$09)"`Q@:!/H@Y>`B0*4P"!"1^#G!10P$`)`@X#=AZT
M**B$"1,7MHR@<8@&'01?!/5P,"(('D$BMV0\Y(3!'!Y'?`H9U`:!6P0+_Q"1
MP/'G``>Z@VX@F//6V*`3&6@,<-`%$0,(`)3<H""(R(@'$+P(:#$!XI@&*$QD
MT7)`@(Y$`AXD\D+!1)41&Q"Y^,$FVI\;-@C<\"((A(T6(?0@0C("Q(4JS@3I
M<$!@CH=2@\Q(48$`#(C"?VAXN0#CQH@F":@*"O`##X3OAU@(V%"#SH\&GP4=
M8(-5T`L(-!30-I!`@`4D4`Z1L3%"P`X$$H"@AB`&!$`!!T$<@<@6/&QA`QML
M*."&(!L@8$<`'00!@"!B@,`&!%)``$43@HSQ`@!S3`#`'5[$,(@(`$CAQ1Q-
MD/3'%`Y`\<`6'`0`A03(R1#!'Q!$`T)2@GBA@_\+&;B0WB`QI`&#10*,@,9L
MM2'0!`FI'9+"!P",,$`:AXC@A0)0D`#&(778(``"+IPYB!90Q!#%#R,X@4@9
M&HC!2'A,J&`#%U(A^4<,5C21U2`XV"#:'W6DD08#,`QB0`,V?`$##`A@,(,'
MA_3`QAZ'^&E"`C:XA04`0_YA`0)5`""`%RD($H8+/!000@!U3$`@&`J,$```
M2"$R`FP5"(`!.%ML04(&//#AP`>?02!:D7_8`%&2`=2@P$8V'@*-(`*P\!IM
M?[S0PA\9Y'>($1R\V<0)X#Q6``DZ(0*%"R0@P,8@`4P@G@@<>)%%#H<(L`!-
M)81'`J=++-`#(@&T-\C_``F0*$@./Y`0QB`T%,`&!EAD0`()/"`"@KL@%="$
M&D_XBT5P?R`0A`,P>,'*(",X@*<-5B#"A!4/U`H&<G]`8T,>-G0@R!EX()"`
M"%MD@,(A`S!`9#3:#K(7!R,P@$>^XKKF!QL#8'G&`,;,X`(B#G@00$R'^(!"
M`U]X08)KC#:!@`,OB,O"%0H8AX`-?"<1P.+:R9!"`B0L@(`6)DQX2,6+4E!K
M!P@(U_''AR0Q1Q`V8,#!'"(@@L4(B:"`P`$TL<%"<#(@(,4?;K1[2`(H6,!Y
M,']T```,"3"0@H]9#-*"!394`$`#@K3P@`E=L"`[`BX*,@$,`$`(!0*&>G$`
M_Q(BW```Z.)R($@%<SR(Q1\11/W]AH<X@&`=(_C:<&,Q)'#$DX(X@1>V<`(7
M(`D``!J>"5SG@2>%@0<`B*``/,"%JVR`#"%`P/XN9[&>".!-ZI&9`TJE`R_`
M0`5TB`;9_G`81-0!"PR8@0+<P@8H7$`0>HD5':#POD%```\"^,`(!4&%$<P@
M!3*XP18^X`+H#*)YAR`"&5A``!`4H`$J8(P@5N"2-M3B`X-(07,R@($J"%$[
M@Y`"J+8#@A@$0P8@`$$'`'@*!K3A#P&80P)2EH7O7(`-8(`"#)*2`P&8H`U,
M(`,3?P"$-HX#`PL0P`]R,82GX&$%<8SC@"J`@!04X/8+#VB"`$Z`/ADD0'U_
M(,,#''"!'?RAB`Z(90)"!0$$?&`+"J!#!RHE"!%<(%R"Z$`.7&"$`7#*&]#[
M@Q5BR14%`+`+1JB`-`?QA@J<@1S2I($[!D$"H"!"#3*PE'Z\*0@TMN$"<11"
M!40P@35T`A%F`($A!'$$,OYA!QG(9"89`T=\N``--)`FS3R0SRD(8@W2U,$;
M$N$&"9C!`R4P@!&^@((5^@!X!JA`,*HIS0J@\0]F8`(6:E"##N`A""D1A`\^
M@@@3]$`!>)A!C2S5T2*X\YV)^`9.=\I33"BHIT#U*25"H(,0"&(*&PRJ4I?*
*U*8Z]:F1"`0`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>y05138c1y0513813.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y05138c1y0513813.gif
M1TE&.#EAD@`Z`.8``*6BH?;V]9:4DTQ)2I&-B["NK5524;Z[NRTI*7-Q<*FF
MI$5#1,'`P&5B8>KIZ-73T3TZ.N/BX5E55:"=G'YZ>IF6E;BVMH!]?!T:&K6S
MLM'.S34R,JRJJ<W+RFUJ:EQ96)V9E]+1T(F%A&%=7=K9V3`M+=/0SHJ(B+NX
MMNSLZPT*"\&^O8."@B8B(GAT<\;$P\C&Q^'@WU!-3!@5%LK)R,?%Q.7EY'%M
M;-74U(6"@IJ8ER@E)&AE9101$3@U-;*PKHR*B>#?WH.`?D`]/41!/];5T\/!
MO^CFY4A%1"`='<C&Q*.@GUQ85MG7UJJIJ<3"PNCHYN3BX8:%A4Q(1Y20CGMX
M=ZRII\_-S'1P;Q$.#MW;V:^LJHZ,BSLX.`@&!PH'"",@(`<%!N?EXVMH9^[M
M[/'P[^_N[?KZ^?'P\?GX^"DG)_/S\OO[^_W]_?3T\^_O[_/R\=_=W=K8UM[<
MVOCX]TE'2#(O+Y&.CH>$@EE76.SKZLK'QU-03S,P+QL7%____R'Y!```````
M+`````"2`#H```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4A`$!E9F:FYR=@SX"
MGJ*CFD8*"A4+%J1+7@"DL*)M8F)E;+2XM`4G>0L+=4E9$F$8"J,P60MIL<R;
M#@@(?%70U`A=.R5CV@HP/Q]^**-%`TDFS>>5<"SK[.T.AF0-/4JD'RH7Z/GH
M(S,DI$`J9.@;&&M"%B>D(F0!$X*@0T\`5%1Q,RJ`G2P`V#S<F(E#EAME2(GX
M4F49QY.1.*AH`"L"!C5D4,IT5$/%D%@GPOP@%"$)@Y]`&?A3](9!PYFP2B!X
M`*L)F`^8!I%1$2:,G:I55?C9RM7/C@U;>X09@'14!!\0KL0R@*"#H2,G_VJ8
MR25F"8`3>$\LH-IE`8L5,<MV>@,A#%-8&694F!3$B80L7;`$%BR*0)APL3;8
MB1'I0`,561*8H$.9U`0O+MK$$N!%Q*,`!!!X:3'B76E2,.XA^O&%9:4'5J$X
M0K&!V(K;L1X@(!+!T`H>,[PPJ50CC(H"C0)`A^"V4)D""D(BS^1CB`9"&2@,
M\!-FA!5#"@0<%41"QN%!#T9\<]2@O6U"(2!!E0>:Q"?#``CB<](9+'P!0!IB
M/,&:"F!,$88+A;!1!`95E3`("1A\$0X99OP1Q`("A/$$(V2,H,(+AK"1@54_
M'&#8(`'\L$54AYPA!@`"?/&%"BKP(<$+.X1AS/\D`8A1@``(J#`)`V&`,,(0
MUJGP7@`M\%!(&RE6E<1Y?YC0@A?&'("!!"X)D`<&@T3`QU"$F+'7<89TX(5D
M9TP!TQ]F9'!5"7(,TH8#XOU1054W$&".(&90$`83A48B!@5]A#'D#500@@)I
MBC2A@QI5M3!%>(,,,0-GA."1154(S"'(`TAD`<(?2G"X!`8ES%&"$(+`X4(8
M,!22*Q%F3#"`:X-HH`87?\#A@98_8,$A,:S2H<`'68PQ"`HMA*$&!0J(H<48
M&"0A020.G#!`&%D@H$"EA2`P!!>TO"#`OC?\,@`"8?3A!`,4H??%K8*T44`>
M65RKPZRRY1"`#AQB@`#_!`XDD,4@5%"(1B&%(8%$510,4L,&$+RQQQ`J0#!`
M%AL0,,47-C0I`)8J#$#G'V@PP`427Y2@A@PN_,=(&CHTX`,8$ABEB!!400,&
MD0AH4\`!$/C1G"%I&`#&(%$(T8,*2&R@0@MQG!$"P%-H4,47283AQ1A0L#%$
M'H)T0*H!A@"AS05A\/&Q(">H0,,2`'N!P1@6V*!#%A>8,4:4/&`PP!J%^&B!
M!UD,H`(%/"YRA@()G"U$$XXHP8X8AN0P`W:'<*%"IS'HD*0?#QA@``PRI!$D
M'V%<8(<="E@'[!\=A,'`'VE(X,,"=R!2A@$S"*+A'R"(]84?"80B2!`EC"!%
M_PD^L/"'&#W@D.=6?-"`*P8-)(H(&1SPH,(&*W;RPNN(V(!!]!?8B@IZL(42
M?``-,"""V(1`I2\0X1U.$X0'B/"&/XQ!!0+80/0,X08)J&`H5O#"`F:@`@^X
MKQ!4"L,,EB<(*/0@9HT80`FBD(@#J,$+=I@/)P*@AB%@[A!$D($2;A`&`(B@
M!TOH@0$P1P(U,*$A"-3`&0XQ@'4=(`LN>(`?-EB(!6"@!H.P@`R<`(,X(`*!
M,)@B(<A0QD:D@`D]T&'>7#0$%(1N$U&00!+V@`@E?$$&/M@`#`20!2^`@0F#
M^\/6&%'%'V#@!FO0(A<',8$=X,DA*9"``1(%!P4,S?\"/Q0%"[RPA408`%X-
M,,>[6@"`R4!"A@@P`$4<,((E%,(*D#L)&7J`A8]=801),(#1(.*'Z21B*QP8
MQ`_NL$A)\``!)5,$&,(@$P`<1$T;.$`LX+"!#RRB"7IX"!GN<Y(*J,`+,B@8
M+(!0`CF.9R-B&(8WF3$!%3SLG2B!@C5.D`7AQ&('-S`)/C?B@"ZT\P]JP!`L
M*/"%80YT(#$@`@9D]0<`],"AFY!#%C+P4([X``,E2M@4CN>)%R1A`QW="`(.
M2H@)I$\4"?"#%E+JD!-\@9R"B,$,F,6)%ZA@,30="!["0`!$C&`**>#$"KY`
MH*#J@TJ=0H0&=E"L3?0A"SO5<RHS`C`%/BRB#M[2Q&E*J55TY,`/1EC$">R@
M"?\E(:1E;<881L"(*R#@A),X`Q^\,,FXQ@*#C#A""<Q'B9&0Q:_G((+WU`J!
M2HPA"YA!+#/&4(5&,*`'KH1$'-0G6;DNH!$V\$%5.WN;,7RV$2Q0$&E+,RJ<
M(N($"%CM;=:`!)TQ0CFRO0T-)-"#M"KB#K'-;6G*(($9L`"OA=#``L@J7,J0
M`0`&Z((+I/`"',3!#0Q@`1C`8(/FOI,"(TQ""X@0AB0T8+3>'<\;8/"`]G8W
(O?`U1"```#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>y05138c1y0513814.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y05138c1y0513814.gif
M1TE&.#EA_0"$`+,``**AH>#?WR8D)=#0T&1B8S4S-._O[W-R<I*1DA84%45#
M1(."@L'`P`<%!O___P```"'Y!```````+`````#]`(0```3_T,E)JVM-V<V[
ME\-W98K2A**X-$SJK$NUMFYMWWBNNRLA`+O<0O/!3#+!"6,1X#5BE%ER2JU:
M.Q@&4A)8>&D`+]31]0+)B]:R&7X!NXT?^ELQ2K:.I;<Y$8_%9WI,$F%\@"]/
M:Q)2+V97CY"1'EE;##Y#"@P,`@0+`E"7"G):,5(F7C]PJ00*F'QW#4=$`25#
M!(9/GJ6?/BTK61(FOEX^81F>MX@M`+ERDL_053`!Q8@:2TLL#FT7&BO73\H.
MI]UWX)F*1[DK@>&,=FU(I(@^MYO)I03'&0S"XB;FH@D<B,..%F]XQ%%`\BV/
M.VT`RY4S@"".@C/J--EQ*$"4MA%U_Q(H*/"P'PM&XPI4;!7.GRD2"0G*G%F'
M!$F$1!9]E&7-82F(L21N,6`I#@I8$K0<2-J`@"8&!I`N+/"TR0QAC$P,.`AC
MG+:73X_2'"OS`(NG"!(8TP#@HI0#1!C*>P)``-"`Y09<I+83)-YY;5'8@9OW
MHK(!!0H(0!`5)-<X;;_>';>4K.6!$9DR22OJ5H#$"A+0X"R@0`@#E_2UB%@I
MP0&*'3DUEIK'M0/4L1DS+2&Z]L@"5H'N/'BSQX($NJ4,L"E6A(+*>C'BB/Y(
M;XD)UDM(O\R].T$,X,;@F'=EHV:%WM.KAP3>YP[R5LR[1[^^OOT.\U!BX!?.
M_<L1F1B42_]_7N&Q7T[![`>+>>3IIV`E#P%SWX0#Y;=3`RH%"(6%J_&7``$5
M+:4%+P*$<(!H#-AV`55B`8`<`P6`TU>#'Z%S$(0+U(4`C#&6X.-V%`89!&ZB
MZ&9.BB1M6))7+6"XU5RW_"<4@CIU2-MY"K4`5Q:N(1:EDUM]8,)^9)9IYIEH
MIJGFFFRVZ>:;:U*IDWCE:-$?AUX%=)!_PK4G4123R4<C#2/8V0V-E)1)IY",
M"K$?H75BH.1/5D8:WC]!+22GE(+V]XXV1O`GWIB-EEH%GG_=.6"@YS@T8*5;
MQ(3IE7P2"HP1=A(AI0X!/.7K;#>$:8&OS8E`5!.]`CML6!YLI2S_%=0%-L%S
M(!A&R$72$D:9`WHM%5U;&,%%;3"552!N3M=1D)VUT_HH8TYME5"L#?&2U)$"
M\W*1;YX4$&43<#:@6NQ!O[UB@3^FEJJ%BI'`QP%J<DZ;Z6TK50ND!X#ARVT!
M%MA!'0<()RPD`Q4_XS"W3U'LY&U5)4B!H17TJDE46VGR\I,Q)(M87R,4*S-4
M":JA"0H_/RLR33Z6VS"!VWS"#E^IB%%"$YFY:L$W3-3EQ1-6\5)274PC\@E&
M@G#2838+%--/*YP8?/3;*3C,6JL!`+"$/U7##"@4K(&J`%^4\BL#!LYH$H9=
M,0B#ZSZ9%`+WXW$S/;=#L_@X&5,3SYG@_]9^URJX#/H(0,,]B#,IJ3Z9F-"*
MVY"W7H'<0<VE`6S&5(KYU?VI[F,(<P5>=04[YTR`:>0H3@*U;=EEI.O,*R%Y
M[*WB6?7.-!S;%;\S=T/1DK_G,3KW+;%@!%$#]%IW`CPWW[K#6K-#AB@`4-,*
MWIG#08SHU[?/]0M>!Z[UX/=3@P(Z43JL/$%MM6B;^M37!4AM0PQ*R-$<]O#`
M#?@!"-B80!B\$(7XI2$/@ZB@#`Z1%#\L8Q`D%`3K%LC"%KKPA3",H0QG2,,:
MVO"&.,RA#G?(PQ[Z\(=`#*(0ATC$(NX@7NQRP+G29<0F0J(N3E$,1DRP(Z4X
M\8JG(M#U$"8K+/]Z,6!:S-U'NOC%,GX`/EML0!4;H#0SNA%C8>0;ADCUQCK"
M\0]B[-"^[/C&`2AP`-5@$E[X2$@E)#`3$J.!)RY6R#<*`E*.6P0C&TG)2EKR
MDIC,I"8WR<E.>O*3H`RE*$=)RE(6<8FB1**\ODA%FX7R9R1Q8!-#5DI:.M&6
MH\2E$7492EX2T9>?!*80A=E)8@+1F)M$I@^5F4EF\M"9EX2F#J5926KBT)J-
MQ*8-M4E(;M+0FW8$IPS%^49RPM"<9D2G"]7)RO3MTIV]A.<OY1E,>@[3GL7$
MYS'UF4Q^+M.?S03H,P4:38).TYWQ:J-ZW)7$($@K!7#9#A/%9-`<ZO+_%Q&#
M!@`F>02J6,(924`)1>DDGPZPDX6X]".(&":0_Q5!5V'C%=!20(Z%9,ZD%;UF
M^DBQ)YU(:`2JDE30'!,J&86OI%NX7H$R=R"??N078X0I,$[!Q:#8*::"]"(N
M>9I45E%N3UWQQ^(H@9#$@8JI,)5CD\88B\>8U1>/TA,4KI(%L;95+HLZZ0)M
M21Y4\<1Y917D6"F'"+.Z4U&)+-25PBH9D_P)$74-WUH)J]3$:I5G6G`*R9:D
MJ9?A5;!WO6M@E1@:GB%!I7PP08\TYA>=W$MC=)4(;FI7O+,Z1"3:.5A.;TA+
MBN"V!`7X4@N$A03R@56RADKN9YUE%K1J3I#9_P,)^;KB+&6<R(JU,@$!#&!7
MPII/M[)\)Z1ZJAE.G>.X;U60<@/;W<X6=J@26AQ+WHJI3'%H3":9+'K!V\[Q
M)L1"/]V/DH3JLL'VE+%(S4D:Y=-4R#Y5.(!Z%%79BCFLZE5]%[[E;K>YX6YV
M^)L?#F>(7><K31@LP[,<<>L8FL20E?C%,(ZQC&=,XQK;^,8XSG&)3ZQBR/F!
M#I9MQ(^'3.0B&_G(2$ZRDI?,Y":+`5(H;M20H=SC=%9YG?9LH!DEZ)PKMQ"8
M\@MO$Q?993'/T\R(`=@V6)S1#W3+`JK<XP;@$H*)PME=^WJS#=*BT`I$><7P
M!$!BCB*S6+IR`QOE`/]Y06`V'LG9S[8-!O`:/6A%D[$#ONUSD*_(RX;H]HRM
ML#2"PDR($+K`)5!@QNOZ$\EA71H_K_XSY#K=Q:J508*TX$>I.;CHDSV0@XMP
M!`CSVXBF,>T@LMR@DHB@0A!2T+-MSBH6==D/D%(@,]0@4?Q4=\*MI>&_,3W%
M7`_X@[5YPK9@$T^N5Q=!5,1@3^;F!":08;!LFUG6C[LH&3,#[\]RRP!;$A^"
M?%TU^4XCEG[I'E]61@:`EY:R1S5*=3V[J$UK.+R>_O1N(#Z&ZY*5XAJ'Q4CV
M05\[=(\,13&-!$Z$`))`O"/H0X`^8C0PK`[ULAC?MWUE]UXE(J=0X,[KQ++_
M,#3&3O9S,4.XBQ@#D.-J%BJ](HG*00XR+Z/4G1F'-&`Y#E^!]PL!SJ!SP6/1
M+1BX*-*_^YA+[K+?<P&`>JNN^,VGC76=>]9//1_3QP<7U]\U&`;M;:U3=Z)W
MT3H5KC]UGMRES>FZ1]N+OK9XBG/^>"Q&?NZ-IWPA+\_XBUOPU9"W>><G__E1
MZ_CTJ$^]ZFU,]0W@&V[Z1A!4X43[VMO^]F]J/7]Q7OK-B_[U;XN][Q</_*,)
M'V/58\"C'Z9\2-2L7[Y:81:);_6].KX()R!L#A9-!1X-W"*RD03GBR^RXV.!
MY]L'?4$P&XY^)`,2XZ\^AJ\_"<CL2<N*:(,9RK";_PSN^@_"UFXHA`$$$'=5
M4D(4Q&4-U&QWA%-F-D3FQP$$&""7\A);TS\<@0G+(&_](2G2X7[(`%D%2'52
MH&R<(!$$PS9.T8!5]X#WI'GU=P^]@RDQ8'^+@S^2Y1<EQ2GL-V[+P`"'$PN+
M)#^J4S<?!&O4YX)!%($;@`';,X/F937[I5ITM(.!TH,'N`W(X7*'PC4SQUI(
MZ(#]U7OUYRH5Z%7K]5ZMY$I6""M8*`X'L!C<!3WS$'48PE'QIX3[%%[4P%(=
M$PO;$QY@`RLR<EO&0%_ITH;\DGCNH2-103\2D!:)43<7$3P=D&;2-WKBQ0%9
M]X<;!QMI@X:+4P#TMC$Q0HYA,3,\H8$`L.!`(](9C0%(,8(^F*,!V;:*F<A]
MD*:'/T1KUC9"7*"`:9!_<_4&'-0%=G.$OP:`&\"`SS8!MZ:,S@9LN8*`IM:,
ML29_S<-+`5`R.Z0%4^<":;9'Y)<PON1;'!5#(U=Y%5!I'E".I@),M*-#S%(#
:(_%H\%@JPG0L9M1\9=9."A)*LZ>-I1(!`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
